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The Cardano price dropped 15% in the last 24 hours to trade at $0.80 as of 03:14 a.m. EST on a 37% drop in trading volume to $5.2 billion.
Amid ongoing market developments, especially with former President Donald Trump stating that ADA will be part of the US crypto reserve, Cardano could see a significant price surge.
But how high can ADA go? Could it reclaim its previous all-time high of $3?
Cardano Price Analysis Shows The Likelihood Of A Bullish Rally
The ADA price has recently displayed significant price action, showing potential for a bullish reversal.
A key pattern observed on the chart is the descending channel, which the Cardano price has been trading within for several weeks.
This pattern is typically a bullish reversal signal when broken to the upside. Recently, ADA successfully broke out of the descending channel, indicating a shift in market sentiment.
Additionally, there was a strong upward movement following the breakout, suggesting a surge in buying pressure.
However, the price of the Cardano token faced resistance near the $1.20 level, resulting in a sharp pullback, according to GeckoTerminal data.
Despite this retracement, the breakout from the channel remains intact, making this an important technical structure to monitor.
Another crucial aspect is the golden cross between the 50-day Simple Moving Average (SMA) and the 200-day SMA. The Cardano price is currently hovering near these levels, and a sustained move above them could confirm further bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is at 50.94, which is a neutral level. This suggests that ADA is not overbought or oversold, leaving room for potential upside if buying momentum increases.
The Moving Average Convergence Divergence (MACD) line (blue) is slightly above the signal line (orange), hinting at a possible bullish crossover.
ADA Price Prediction: Can ADA Rally Back To Its $3 ATH?
Given the recent breakout from the descending channel, ADA has the potential to retest the resistance at $1.20.
The chart suggests a measured move target of approximately 41.25%, aligning with the $1.20 price level. A continued surge could push the price of Cardano back to its ATH at $3.
However, for this bullish scenario to play out, the Cardano price must hold above the 50-day SMA ($0.8470). A failure to maintain this support could result in a retest of the 200-day SMA ($0.6730) before another upward push.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closing On $25 Million – Next 100X Crypto?
Solana is best known for its high-speed and low-cost transactions, which has led to a massive meme coin frenzy over the past few years.
Due to this traction, Solana has often experienced network outages and transaction failures, the latest being during the TRUMP and MELANIA coin launches in January.
These issues are a major headache for DeFi users, NFT enthusiasts, and meme coin traders.
The Solaxy crypto project is a layer-2 scaling solution developed for the Solana blockchain. It aims to enhance decentralized applications (dApps), increase transaction speeds, slash network costs, and improve scalability.
The SOLX token serves as the core of the ecosystem.
We're getting pumped on $SOLX 🛸
It's alt season and Solaxy is showing up for the show! 🛸🪐 pic.twitter.com/90s4VIxMkV
— SOLAXY Help Team 𝕏 (@SOLAXYTOKEN_HT) March 4, 2025
Investors are buying into this idea, with the project’s total presale raise already standing at over $24.8 million.
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s layer-1 capabilities.
Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 165%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001652 each using BNB, ETH, USDT, or a bank card. Anyone looking to buy SOLX will want to hurry, because the token’s price will undergo a presale price increase in less than 9 hours.
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